Global M&A and Indian Shareholders
Adhunika Premkumar
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Episode 1 :
Step-Down Subsidiaries
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Episode 2 :
Indian Individuals as Sellers
02 Jun 2026
Step-Down Subsidiaries
In Episode 1, our Partner, Adhunika Premkumar, discusses a common issue for Indian acquirers in global M&A deals: the presence of multi-layered foreign subsidiary structures in overseas targets. She explains how this interacts with the FEMA overseas investment rules in India, how the step-down subsidiary rules under FEMA are applied, and how careful structuring is critical for Indian companies acquiring foreign targets.
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Indian Individuals as Sellers
Our Partner, Adhunika, discusses specific legal considerations in foreign acquisitions involving Indian individual residents and why Indian exchange control laws governing M&A must be carefully analysed in such deals. She explains how overseas direct investment under FEMA and overseas portfolio investment in India are treated differently. She also discusses how deal structures may need to be altered, such as Indian shareholders requiring a cash exit due to restrictions under FEMA on certain share swaps.
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